Looking for a way to streamline your customs processes and stabilize your cash flow? The United States Foreign Trade Zones (FTZ) program might be the right solution for your needs.
Taking advantage of the FTZ program can have numerous benefits for importers who participate in distribution and manufacturing. Knowing where to start can be a challenge, but Livingston can help.
Making the most of Foreign Trade Zones
Using an FTZ can help you manage the flow of goods and improve your cash flow. Because goods received into an FTZ are not considered to have entered the U.S., there is no duty paid until the goods enter the stream of U.S. commerce. If goods are imported into an FTZ, manufactured/transformed in some way, and then re-exported, the importer will not have to pay duty on those goods as they have not entered the U.S.
This way you avoid laying out duty up front. In some cases, FTZs can act as a substitute solution for duty drawback. In addition, if goods are released into U.S. commerce, duty is not paid until the customs entry is filed.
FTZ services from the customs and compliance experts
Livingston offers a number of services to help you take advantage of the FTZ program:
- Feasibility/opportunity identification: We review your current supply chain to identifying potential cost-saving FTZ opportunities, we’ll help you complete your due diligence regarding what FTZ or warehouse solution is right for you.
- Application process: In order to use an FTZ, there are a number of documents, permits, inspections and more that need to be complete and on file with CBP. We’ll help ensure your paperwork is accurate and timely.
- Zone brokerage: Backed by decades of experience in customs brokerage, Livingston is an ideal partner for importers looking for brokerage assistance on their FTZ entries.
- Compliance audits: Your supply chain and FTZ processes should be periodically reviewed to ensure compliance with all CBP regulations. We’ll help you conduct a compliance audit and set up a self-monitoring program for your FTZ operations.
To start reaping the benefits of the program – contact us today! Our customs and trade compliance experts have the FTZ answers and solutions you need.